Abstract
This chapter shows how boards’ characteristics could influence two aspects of innovation: (1) innovation effort (such as R&D expenditures and R&D team composition) and (2) innovation performance, specifically product, process, organizational and marketing innovations. First, we focus on individual characteristics of board members and their influence on innovation effort and performance. Then, we examine how the internal organization of boards, specifically the committees’ roles and their composition and to what extent they could be meaningful to innovation processes. Specially, we discuss the influence of the committee size, the frequency of meetings, and the presence of independent and female members. Finally, the chapter sheds light on the effectiveness of initiatives and programs introduced to increase diversity such as gender quota laws, and the presence of minorities in top management positions.